Preparing financial statements in accordance with International Financial Reporting Standards (IFRS) can be challenging. Each year, the International Accounting Standards Board (IASB) publishes new Standards and amendments, which can significantly impact how preparers should present a complete set of financial statements.
This publication, which aims to provide you with information and insight when preparing IFRS Consolidated Financial Statements, reflects changes in IFRS that are effective for the year ending December 31, 2023 based on the activities and results of a fictional consulting, service and retail entity. In this example, Illustrative Corporation Ltd. and its subsidiaries produce financial statements in accordance with IAS 1 ‘Presentation of Financial Statements.’
The example in this publication reflects changes in IAS 1 and in other IFRS that have been issued before August 31, 2023, effective for the year ending December 31, 2023.
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